Truist Financial Begins Coverage on Diamondback Energy (NASDAQ:FANG)

Research analysts at Truist Financial assumed coverage on shares of Diamondback Energy (NASDAQ:FANG) in a research report issued to clients and investors on Tuesday. The firm set a “buy” rating and a $222.00 price target on the oil and natural gas company’s stock. Truist Financial’s price target indicates a potential upside of 15.73% from the company’s previous close.

FANG has been the subject of a number of other research reports. Jefferies Financial Group reiterated a “hold” rating and set a $173.00 price target on shares of Diamondback Energy in a research report on Monday, January 19th. Sanford C. Bernstein decreased their price objective on shares of Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Wells Fargo & Company raised their target price on shares of Diamondback Energy from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. TD Cowen upgraded shares of Diamondback Energy to a “strong-buy” rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group boosted their price target on shares of Diamondback Energy from $187.00 to $212.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $194.48.

Diamondback Energy Trading Down 0.4%

Diamondback Energy stock opened at $191.83 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.40 and a current ratio of 0.42. Diamondback Energy has a fifty-two week low of $114.00 and a fifty-two week high of $194.68. The stock has a market cap of $53.96 billion, a P/E ratio of 34.20 and a beta of 0.59. The firm’s fifty day moving average price is $169.32 and its 200-day moving average price is $154.29.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, February 23rd. The oil and natural gas company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.26). Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The business had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the previous year, the firm earned $3.67 earnings per share. Diamondback Energy’s quarterly revenue was down 9.0% compared to the same quarter last year. Equities research analysts forecast that Diamondback Energy will post 15.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the transaction, the insider directly owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Travis D. Stice sold 63,957 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $181.16, for a total transaction of $11,586,450.12. Following the completion of the sale, the chairman owned 305,314 shares of the company’s stock, valued at approximately $55,310,684.24. The trade was a 17.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,209,212 shares of company stock valued at $199,689,401. 0.48% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Deseret Mutual Benefit Administrators raised its holdings in Diamondback Energy by 31.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after buying an additional 66 shares during the last quarter. Scotia Capital Inc. grew its holdings in Diamondback Energy by 0.3% in the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after acquiring an additional 68 shares during the last quarter. Equitable Trust Co. increased its position in shares of Diamondback Energy by 0.7% in the third quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after acquiring an additional 73 shares during the period. Valeo Financial Advisors LLC increased its position in shares of Diamondback Energy by 3.0% in the third quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company’s stock valued at $367,000 after acquiring an additional 74 shares during the period. Finally, Townsend & Associates Inc raised its stake in shares of Diamondback Energy by 0.5% during the fourth quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock valued at $2,161,000 after acquiring an additional 75 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.